Those interested in buying a home might want to take action now to benefit from mortgage rates that have remained fairly steady. July 2014 data on mortgage rates released by Freddie Mac showed that rates were both slightly above lows for the year and indicative of increased home affordability.
The Freddie Mac data showed that 30-year fixed-rate mortgage rates had not changed while home sales had climbed by about 2.6 percent in June. This increase in home sales is the fastest pace seen since October of 2013.
A few key statistics from the July 2014 Freddie Mac report:
- The average value for a 30-year fixed-rate mortgage was recorded at 4.13 percent. The previous year showed a slightly higher rate, with mortgage data for this type of mortgage indicating a rate of around 4.31 percent.
- For the last week of July, the Freddie Mac report indicated that 15-year fixed-rate mortgages averaged at 3.26 percent, which marked an increase over data from the previous week that showed an average rate of 3.23 percent.
- The average rate for 1-year Treasury-indexed adjustable-rate mortgages was unchanged from the previous week at 2.39 percent.
- The rate of 5-year Treasury-indexed hybrid adjustable-rate mortgages rose over figures from the previous week to a new average of 2.99 percent.
The data shows that mortgage rates are currently advantageous for home buyers.
With consistently stable mortgage rates, now is still a great time for homebuyers. If you are considering a new home in the Colorado Springs area, contact Park Avenue Properties of Colorado Springs, or begin your search for homes now.